CORNERSTONE COMMUNITY CHURCH (WALES)

Company limited by guarantee

Company Registration Number:
08137558 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

CORNERSTONE COMMUNITY CHURCH (WALES)

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

CORNERSTONE COMMUNITY CHURCH (WALES)

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The Trustees have established the Bible College along the lines of the one that Rees Howells had established back in 1924, with the inaugural class in Autumn 2015. The Trustees have also started a prayer and intercession ministry. The Heritage Centre seeks to preserve the work, prayer life and testimonies of Mr Rees and Samuel Howells especially during the war years. Residential and hostel facilities are now open for individuals and teams’ retreats.The Trustees also acquired the Pisgah Chapel on a 50-year lease to restore it for the purpose of prayer and worship.

Political and charitable donations

Voluntary income such as donations, gifts and legacies is included in full at the point of receipt as required by SORP when income meets entitlement, probability and measurability; income from fundraising activities is stated gross before any expenses.

Additional information

Achievements and Performance during the year under reviewBible SchoolIn 2023, the accredited Bible College of Wales continued with the two-terms annual intake of students for its School of Ministry.18 and 19 students graduated from the Spring and Autumn terms respectively. To-date, a total of 386 students from 44 different countries have since attended the course. The Trustees are pleased with the gradual progress of the Bible School since post-covid.Going forward the Trustees plan to reach out more to the Churches in Wales and England to promote the Bible School regularly to ensure a sustainable impact on the Welsh and English community. In 2023, the Directors held a Pastors’ Prayer Breakfast on 28 Feb to connect with local Pastors and leaders. A total of 45 pastors and leaders attended the event.ResidencesOur retreat centre hosted multiple groups during and off school term. There were churches from Wales and Scotland and other nation conducting their retreat on our estate.Pisgah ChapelWith its restoration and renovation in 2016, a house of prayer has since been established with weekly meetings with regular attendees.Online PresenceQuarterly emails with Director’s exhortation were sent to our local and global partners to keep them apprised on the Bible College and prayers for the nations.We continued to engage on social media platforms such as Facebook and Instagram to share testimonies of alumni, encouragements, and updates on the Bible College.Property MaintenanceIn 2023, the Bible College worked to keep facilities up to date. There were sewage and drainage repair work, electrical works and gardening works performed.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Yang Tuck Yoong
Yang Swee Heng Daphne
Chong Hsi Hsiung Timothy
Richard James Elsip
Corrine Koh Cheng Sim


Secretary JCP Solicitors Limited

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
16 February 2024

And signed on behalf of the board by:
Name: Yang Tuck Yoong
Status: Director

CORNERSTONE COMMUNITY CHURCH (WALES)

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 451,716 349,957
Cost of sales: 0 0
Gross profit(or loss): 451,716 349,957
Distribution costs: 0 0
Administrative expenses: ( 444,109 ) ( 360,710 )
Other operating income: 0 0
Operating profit(or loss): 7,607 (10,753)
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 7,607 (10,753)
Tax: 0 0
Profit(or loss) for the financial year: 7,607 (10,753)

CORNERSTONE COMMUNITY CHURCH (WALES)

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 75,043 81,964
Investments:   0 0
Total fixed assets: 75,043 81,964
Current assets
Stocks:   0 0
Debtors: 4 6,950 6,918
Cash at bank and in hand: 68,684 48,310
Investments:   0 0
Total current assets: 75,634 55,228
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 35,389 ) ( 29,510 )
Net current assets (liabilities): 40,245 25,718
Total assets less current liabilities: 115,288 107,682
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 115,288 107,682
Members' funds
Profit and loss account: 115,288 107,682
Total members' funds: 115,288 107,682

The notes form part of these financial statements

CORNERSTONE COMMUNITY CHURCH (WALES)

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 16 February 2024
and signed on behalf of the board by:

Name: Yang Tuck Yoong
Status: Director

The notes form part of these financial statements

CORNERSTONE COMMUNITY CHURCH (WALES)

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Income is recognised by the Charity as follows:Voluntary income such as donations, gifts and legacies is included in full at the point of receipt as required by SORP when income meets entitlement, probability and measurability; income from fundraising activities is stated gross before any expenses.

    Tangible fixed assets depreciation policy

    Fixed Assets policyExpenditure on assets of more than £500 individually or incurred as a cohesive group are capitalised. Where there are a group of items which individually costs less than £500 but as a cohesive group amounts to more than £500, the expense group will be capitalised.Depreciation policyAssets will be depreciated across their useful life. These life periods are shown below.Computers 1 to 2 yearsFixtures and fittings 5 yearsOffice equipment 5 yearsMotor Vehicle 10 yearsRenovations 10 yearsBuildings (Leasehold) Over lease period

    Intangible fixed assets amortisation policy

    Financial instrumentsThe trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

    Valuation information and policy

    Financial instrumentsThe trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

    Other accounting policies

    Governance costsGovernance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include costs linked to the strategic management of the charity.

CORNERSTONE COMMUNITY CHURCH (WALES)

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 6 5

CORNERSTONE COMMUNITY CHURCH (WALES)

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 22,500 191,475 4,922 12,796 0 231,693
Additions 0 0 0 5,582 15,000 20,582
Disposals 0 0 0 0 0 0
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 31 December 2023 22,500 191,475 4,922 18,378 15,000 252,275
Depreciation
At 1 January 2023 3,600 141,858 815 3,456 0 149,729
Charge for year 450 19,148 984 5,796 1,125 27,503
On disposals 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0
At 31 December 2023 4,050 161,006 1,799 9,252 1,125 177,232
Net book value
At 31 December 2023 18,450 30,469 3,123 9,126 13,875 75,043
At 31 December 2022 18,900 49,617 4,107 9,340 0 81,964

CORNERSTONE COMMUNITY CHURCH (WALES)

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
£ £
Trade debtors 0 0
Prepayments and accrued income 6,950 6,918
Other debtors 0 0
Total 6,950 6,918
Debtors due after more than one year: 0 0

CORNERSTONE COMMUNITY CHURCH (WALES)

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 1,164 2,239
Taxation and social security 0 0
Accruals and deferred income 6,237 6,083
Other creditors 27,988 21,188
Total 35,389 29,510